Economics

Lessons of Post-COVID Inflation: How Effective Was Inflation Targeting?
Monetary Policy
Inflation Targeting
Lessons of Post-COVID Inflation: How Effective Was Inflation Targeting?
  |   Andrey Sinyakov ,  Dmitry Chernyadyev ,  Alexander Morozov

Countries that do not target inflation responded to the post-COVID inflation surge in a similar way to those with inflation targeting (IT), that is by raising policy rates. This crisis-driven convergence is the ultimate test of the IT regime’s efficiency under various conditions.

Dedollarisation of the World Еconomy: Searching for a New Equilibrium
Opinions
Dedollarisation of the World Еconomy: Searching for a New Equilibrium
  |   Anastasia Podrugina, Alexandra Morozkina

The abandonment of the US dollar as the dominant currency in the near future is highly unlikely. However, geopolitics, coupled with modern financial technologies, may become a driver of the transition to a new equilibrium, with regional currencies becoming dominant.

Contribution of Migrants to Moscow’s Economy
Opinions
Contribution of Migrants to Moscow’s Economy
  |   Daria Avdeeva, Natalia Akindinova, Mikhail Denisenko

Migrants make a substantial contribution to the economy of the Russian capital, accounting for over 20% of its GRP. Up to two-thirds comes from residents of other Russian regions. The significant role of internal migration is what sets Moscow apart from many other global cities.

Three Challenges for Monetary Policy
Opinions
Monetary Policy
Inflation Targeting
Three Challenges for Monetary Policy
  |   Alexander Morozov, Andrey Sinyakov

The degree of monetary tightening for a sustainable disinflation depends not only on the inflation rate, but also on the conditions that have led to its rise. There are three reasons why considerable monetary tightness might need to be maintained even when inflation decelerates.

Industrial Policy in the Era of Technological Competition
Opinions
Industrial Policy in the Era of Technological Competition
  |   Yuri Simachev, Anna Fedyunina

Industrial policy is recovering all over the world. Our analysis of more than 6,500 regulatory acts across nations evidenced that advanced economies support high-tech mastered sectors, while emerging markets – the introduction of simpler technologies, which are new to them.

Education and Economic Growth: The Role of Institutions
Opinions
Macroeconomics
Education and Economic Growth: The Role of Institutions
  |   Daria Avdeeva, Dmitry Veselov

Human capital and its key component – education – are strongly linked to economic growth. However, high levels of education do not guarantee economic growth if a weak institutional environment hinders efficient application of knowledge and skills.

‘Archipelago of Isolated Economies’: World During a Storm
‘Archipelago of Isolated Economies’: World During a Storm
  |   Olga Kuvshinova

What tectonic shifts are occurring in the world economy and global trade, who are the potential winners and losers in this process, and how the global financial and economic landscape will alter after the storm are the questions addressed by Financial Congress participants.

Russia’s ‘Green’ Risks
Russia’s ‘Green’ Risks
  |   Econs

While advanced economies were promoting the climate agenda as ideology, the Global South was investing in renewable energies and new technology markets. Energy transition is still underway in both ‘worlds’. What this means to Russia was discussed at the Financial Congress.

Economic Mirror: Current Situation in Russian Labour Market
Macroeconomics
Economic Mirror: Current Situation in Russian Labour Market
  |   Irina Ryabova

The Russian labour market is gradually cooling, but high unemployment does not threaten it. The main challenge for the economy is not so much labour shortages as a lack of highly qualified specialists, analyzed the participants of the Financial Congress.

Iceberg Effect: Is Russia Facing Banking Crisis?
Financial Stability
Iceberg Effect: Is Russia Facing Banking Crisis?
  |   Vlasta Demyanenko

The slowdown in the Russian economy has provoked concerns about an immediate threat of a succession of defaults and a coming banking crisis. Participants in the Financial Congress discussed whether these gloomy expectations were justified.

Growth, Growth Potential, and Inflation
Macroeconomics
Growth, Growth Potential, and Inflation
  |   Econs

Is it possible to ‘buy’ economic growth with high inflation, how demand ‘accumulated’ over years, what investments increase productivity, and where forecasters make a mistake: abstracts from the Financial Congress session dedicated to economic growth.

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